NEW YORK (CNNMoney) - Standard & Poor's lowered its credit rating on New Jersey's debt to AA- from AA, citing concerns about its massive retirement obligations.
"The lower rating reflects our concern regarding the stresses from the state's poorly funded pension system, substantial post-employment benefit obligations, and above-average debt levels," said Standard & Poor's Credit Analyst Jeffrey Panger.
FULL STORY
From CNN Politics
© 2012 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
| Advertising practices | Advertise with us | About us | Work for us | Help
Ask the people and police and fire department in Camden how they feel lardo!
He is so concerned about his state that he would rather spend most of his time running to president. Not that he has a chance in hell to win.
Welcome to the financial nightmare that has been created by the Democrats and their union buddies all across this country. And then they have the nerve to ask to be exempted from Obamacare! To these leaches, it is all about how much you can suck out of the system with complete disregard for the health of the city, state or country. When will this country wake up? Maybe when the weight of all these leaches brings the roof down on ALL of our heads?
Protect. . . Time for your wake up call. The financial night mare in the U.S. was created by republican presidents. It will take a few years to make up for the destruction caused by the GOP for 30 years. It is just like a right wingnut to blame everyone but the Bush/republican party for the economic mess and the unfunded Bush tax cuts, unfunded Bush drug program, unfunded Bush wars, unfunded Bush TARP program, and the doubling of the national debt under the Bush republican culture of corruption.
Our politicians live in different planet only thing they talk about cut this cut that they never discuss how to increase the income
Many of us work two jobs or work more than 50 hrs week to double income to balance the budget
Our politicians are sluggish. Go find foreign investors create jobs. Increase tax
DON'T BLAME IT ON THE DEMOCRATS....When I look at NJ, I see a GOP Governor, who can't get anything done!
Wire Palladin, S. F. Ah yes.. a Californian weighing in on State Debt.. yep, you guys have it ALL figured out over there,... uh huh. Wait didn't a major county go bankrupt during the Clinton years? Oh but Bush must have done it.. or Nixon, or Ford..
And I think Protect has a point, pensions are not fund-able in this day and age.. so a typical union state employee receiving market rate pay PLUS a pension is obscene in this job market today. Either you work in public service for LESS money, and make it back on the pension, or you work in the private sector for more money and have no retirement safety net.. not both.
Oh and as a parting shot.. check your TARP facts.. it's almost all paid back, and not only was it successful in heading off a major disaster created by the mortgage idiots like Barney Frank, it was so effective that your Obama even used the same mechanism for GM.. to bail out UNION workers again.. starting to see Protects point yet?
I agree with Marie MD – the people, the teachers, the police officers and first responders are already hurting. Let's see how tough he is on this issue!!
Yep,and all states will be facing this,and then they will all wonder where DID our great America GO? Quit telling folks" your services will be there with no increased tax dollars!" Oh No:Repubs would rather tear the country down 1st state by state,and THEN start on the Fed Govt! Remember JOBS? If you put folks Back To Work so they pay Taxes the Deficit Will Decrease! Good Lord~throw these nuts OUT as soon as they are up for re~election.Again,I thank God for our Democratic Govenor in IL,who KNEW what had to be done.